Foundation Of The Minnesota Medical Association
- Assets
- $1.9m
- Revenue
- $303.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Minneapolis, MN
- Founding
- 08/1961
- Data as of
- 12/2021
- EIN
- 41-6031551
Organization Overview
Foundation Of The Minnesota Medical Association is located in Minneapolis, MN. The organization was established in 1961. According to its NTEE Classification (G12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Voluntary Health Associations & Medical Disciplines and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Foundation Of The Minnesota Medical Association is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Foundation Of The Minnesota Medical Association generated $303.5k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.8% each year. All expenses for the organization totaled $100.4k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
IMPROVE ACCESS TO HIGH-QUALITY HEALTH CARE AND TO PROVIDE SCHOLARSHIPS TO MEDICAL STUDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MMA FOUNDATION SUPPORTS THE MISSION OF THE MMA TO MAKE MINNESOTA THE HEALTHIEST STATE AND BEST PLACE TO PRACTICE. IT DEVELOPS AND PROMOTES INITIATIVES TO ACCOMPLISH ITS VISION OF PHYSICIANS LEADING EFFORTS TO ADVANCE OPTIMAL HEALTH AND HEALTH EQUITY FOR EACH INDIVIDUAL AND ALL COMMUNITIES. IN 2021, THE FOUNDATION AWARDED TWO PHILANTHROPY IN PRACTICE GRANTS TO ASSIST LOCAL FOODBANKS AND SHELTERS IN MINNEAPOLIS IN THEIR WORK TO CARE FOR THOSE WHO ARE UNSHELTERED AND/OR HUNGRY. IT ALSO FUNDED TWO COMMUNITY HEALTH GRANTS, INCLUDING ONE TO PROVIDE EVIDENCE-BASED, INTERPROFESSIONAL, AND MULTIDISCIPLINARY TRAINING PROGRAM TO EQUIP RURAL MATERNITY CARE TEAMS WITH SKILLS TO EFFECTIVELY MANAGE OBSTETRIC EMERGENCIES; AND, ANOTHER TO PROVIDE GRANTS TO COMMUNITY INFLUENCERS FROM BIPOC COMMUNITIES TO INCREASE COVID VACCINATION RATES. IN 2021, THE FOUNDATION CONTINUED ITS SUICIDE PREVENTION INITITAIVE BY FUNDING PHYSICIAN-LED TRAINING IN COUNSELING ON ACCESS TO LETHAL MEANS AND QUESTION-PERSUADE-REFER SUICIDE PREVENTION GATEKEEPER TRAINING TO MEDICAL ASSOCIATION MEMBERS ACROSS MINNESOTA.IN THE PAST YEAR, THE FOUNDATION ALSO SUPPORTED ITS PHYSICIAN VOLUNTEERISM PROGRAM, WHICH IS A RESOURCE THAT IDENTIFIES VOLUNTEER OPPORTUNITIES SPECIFICALLY FOR PHYSICIANS. THE PROGRAM GROWS OUT OF THE FOUNDATION'S DESIRE TO IMPROVE ACCESS TO CARE IN MEDICALLY UNDERSERVED URBAN AND RURAL COMMUNITIES AND CALLS UPON THE INTEREST IN COMMUNITY SERVICE HELD BY MOST PHYSICIANS.
THE FOUNDATION ALSO CONTINUED ITS WORK TO SUPPORT MEDICAL STUDENTS BY PROVIDING SCHOLARSHIPS AND GRANTS. IN 2021, THE FOUNDATION AWARDED MORE THAN $12,000 IN GRANTS TO FULL-TIME MEDICAL STUDENTS AT THE MAYO CLINIC ALIX SCHOOL OF MEDICINE AND AT THE UNIVERSITY OF MINNESOTA MEDICAL SCHOOL - TWIN CITIES AND DULUTH CAMPUSES.
THE FOUNDATION CONTINUES TO SOLICIT AND ADMINISTER GRANTS TO SUPPORT ITS VISION TO ADVANCE OPTIMAL HEALTH AND HEALTH EQUITY FOR EACH INDIVIDUAL AND ALL COMMUNITIES. IN 2021, THE FOUNDATION RECEIVED ONE GRANT, WHICH WAS FROM THE COPIC FOUNDATION, FOR A PROJECT ECHO PROJECT TO ADDRESS THE CHALLENGE OF TRANSITIONING YOUTH WITH MEDICAL COMPLEXITY TO ADULT CARE IN MINNESOTA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Juan Bowen MD President | OfficerTrustee | 1 | $0 |
George Schoephoerster MD President-Elect | OfficerTrustee | 1 | $0 |
Janet Silversmith Secretary | OfficerTrustee | 1 | $0 |
Kristen Gloege Chief Executive Officer | Officer | 16 | $0 |
Stephen Palmquist Treasurer | Trustee | 1 | $0 |
Macaran Baird MD Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $232,683 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $232,683 |
| Total Program Service Revenue | $0 |
| Investment income | $68,089 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,774 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $303,546 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $7,000 |
| Grants and other assistance to domestic individuals. | $11,003 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $60,167 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $2,423 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $100,381 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $180,688 |
| Pledges and grants receivable | $32,995 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $1,711,079 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,038 |
| Total assets | $1,930,800 |
| Accounts payable and accrued expenses | $22,201 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $22,201 |
| Net assets without donor restrictions | $1,447,155 |
| Net assets with donor restrictions | $461,444 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,930,800 |
Grants Awarded
Over the last fiscal year, Foundation Of The Minnesota Medical Association has awarded $13,256 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Minneapolis, MN PURPOSE: COVID RELIEF | $6,628 |
Brooklyn Park, MN PURPOSE: COVID RELIEF | $6,628 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Foundation Of The Minnesota Medical Association has recieved totaling $23,658.
| Awarding Organization | Amount |
|---|---|
Mightycause Charitable Foundation Marianna, FL PURPOSE: UNRESTRICTED | $23,658 |
Endowment Analysis
| Beg. Balance | $331,490 |
| Earnings | $23,299 |
| Net Contributions | $101,500 |
| Other Expense | $172,637 |
| Ending Balance | $283,652 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Fairwaycares Inc Madison, WI | $4,640,276 | $2,059,491 |
Lung Cancer Foundation Of America New Ulm, MN | $1,303,793 | $1,298,335 |
Steve Rummler Hope Network St Paul, MN | $635,822 | $1,043,933 |
A Breath Of Hope Lung Foundation Wayzata, MN | $1,150,164 | $1,194,306 |
Team Phenomenal Hope Inc Beloit, WI | $556,543 | $565,493 |
This Time Tomorrow Inc Menomonee Falls, WI | $505,570 | $385,797 |
Paul's Pals Inc Minnetonka, MN | $35,106 | $238,734 |
Minnesota Colorectal Cancer Research Foundation St Paul, MN | $289,500 | $294,589 |
Toris Angels Foundation Panora, IA | $712,963 | $393,136 |
Spierings Cancer Foundation Appleton, WI | $391,482 | $295,616 |
Foundation Of The Minnesota Medical Association Minneapolis, MN | $1,930,800 | $303,546 |
Shoot For Cooper Inc Reedsville, WI | $46,017 | $0 |